Value-add retail center in Southern California trades for the first time
JLL Capital Markets completes the $4.2M sale of the 9,582-SF center with a high-performing 7-Eleven in Costa Mesa
NEWPORT BEACH, Calif., June 17, 2021 – JLL Capital Markets announced today that it has closed the $4.2 million sale of Paularino Plaza, a 9,582-square-foot retail center that has sold for the first time in its more than 50 years in the Orange County community of Costa Mesa, California.
JLL worked with the buyer, Emerald Property Group, to acquire the asset in an off-market transaction. JLL also represented the seller, A.F. Baker Properties, in the sale.
Paularino Plaza is home to a variety of daily needs tenants, including a high-performing 7-Eleven and Kona Cleaners. The center was constructed in 1972 and serves a dense trade area that includes 158,000 residents within a three-mile radius.
The retail center is located at 675 Paularino Ave. at a high-traffic intersection of Bristol Street and Paularino Avenue, which exposes Paularino Plaza to more than 58,000 vehicles a day. Paularino Plaza also is adjacent to South Coast Plaza, the highest-grossing shopping center in the United States with over $1.3 billion in annual revenue.
The JLL Retail Capital Markets team representing the buyer and seller was led by Director Daniel Tyner and Managing Director Gleb Lvovich.
“It is rare properties like Paularino Plaza transact,” Tyner said. “The buyer was attracted to the property, as they are invested in the immediate trade area. We look forward to seeing the center continue to serve the community for many years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Emerald Property Group
Emerald Property Group is a Southern California-based shopping center owner and operator that concentrates on middle-market shopping centers throughout Southern California. Emerald focuses on acquiring under managed and undervalued properties that can be repositioned with Emerald’s asset management strategies and held for the long term. The group has over 100 years of combined experience in the shopping center industry with deep and direct experience in the acquisition, leasing, management and disposition of retail assets in Southern California.